Mastercard to support gambling market in Russia

Russian punters will soon be able to receive their betting wins online through the Mastercard payment network. The news was reported last week by Betting Business Russia, citing Mastercard.

The international operator announced that it will soon make possible domestic transactions in this field in Russia, as is already the case in a range of other countries. These transactions will be coded with Merchant Category Code (MCC) 7995, associated with gambling.

Some experts believe that the lack of bank card payment mechanisms Russia gave rise to grey schemes on the payment market.

Russian bookmaker Leon’s press-service says that the move will lead to the development of the legal online betting market in Russia.

According to Leon, it would be especially timely in the run-up to the FIFA World Cup which Russia hosts this summer, making “yet another step towards getting the industry closer to best representatives of regulated betting jurisdictions in Western Europe.”

The Association of Bookmakers considers that previous ban on such transactions only played into the hands of illegal bookmakers.

Previously, Russia was on the list of countries where 7995-coded transactions were blocked by payment systems because the local law prohibits online gambling using card payments.

Last year, some legal bookmakers — including sports bookmaker Fonbet — permitted their clients to use cards operated by Visa and Mastercard for refilling their gaming balance and paying wins, but it hasn’t been a common occurrence.

Combined reports from Business Betting RussiaAsia Gaming Brief

See the full scoop over at East-West Digital News: https://ctrlshift.co/2018/02/07/mastercard-to-support-gambling-market-in-russia/